Dismissing the appeal of the assessee the Tribunal held that , Salary paid to manging Director in excess of ceiling prescribed by as per Companies Act is taxable as salary provided the excess amount paid was not recovered by the Company . ( AY.2009 -10)
Nate Nandha Nee Natarajan Nandagopal v. ACIT (2018) 171 ITD 399 /170 DTR 81/ 195 TTJ 644 (Chennai) (Trib.)
S. 15 : Salaries – Salary paid to manging Director in excess of ceiling prescribed by as per Companies Act is taxable as salary provided the excess amount paid was not recovered by the Company .[ S.5 ]